Rates

Well, with elections rates are going to be swinging quite a bit, overall rates have seemed to found a holding patter where they are right now.

In recent days, many people have predicted if 1 candidate wins over the other candidate that rates will go up or go down.

But in reality, it is not only the presidential election but also local Congressional elections, which Senator or House member gets booted from which committee.

I think that after everything is said an done, the bond traders will look towards economic numbers more so than the election.

Recent economic news has all been good, but news coming out of Europe tend to be not so good, with Spain still in the dumps.

We are still seeing Purchase rates in the Low 3's and investment homes in the high 3's to low 4's

FHA after a Foreclosures

This questions has been asked of me quite a few times this week.  So here is the questions and the answer.

When can a borrower get a home loan after a Foreclosure?

The answer is:  How much money do the have for a down payment.

Realty:  For a person with a foreclosures or short sale on their records, there will be NO 100% financing for them (except in the case of someone eligible for a VA loan).

So, technically a person can get a Conventional Loan, 2 years out of Short Sale or Foreclosure, with good established credit and 20% down, 3 years 15% down, 4-5 years with 10% down.

Going FHA, with 5% down, we have been able to get people 3 years after a foreclosure.  But I would really indicate to people 5-10% down.

Lenders are willing to risk someone after 3 years, but the file needs to look REALLY good, other than the short sale or foreclosure.   Which means good income, re-established credit, stability.

Now if the borrower FC on a VA loan or a FHA loan, they will pretty much never get another one.  So they will have to go conventional.

Moral of the story, 3 years out and I would at least have them sit down with a lender and run the numbers!

Stats for Ada County and Canyon County

Number are still showing that we are coming out of the mess!

Link below is to a great resource for Local Housing Statistics

Hennessey Data link here!